AZ HB2879

Establishes a historic preservation income tax credit allowing 20% of qualified rehabilitation expenses for certified historic structures, or 25% for affordable housing projects, available for tax years 2025-2034.

Requires state historic preservation officer certification through a twice-yearly application process with $30 million annual aggregate limit, plus additional $30 million limit beginning 2035.

Reserves 60% of first annual application period for projects in cities and towns with populations under 150,000 persons.

Allows unused credits to carry forward for 10 consecutive years and permits assignment or sale of credits to other persons.

Requires rehabilitations to meet federal interior department standards, achieve cost-benefit analysis approval, and maintain restrictive covenants for 24 months after certification.